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sandpaper might not be the best idea if this is your first one. I've never used this method but it seems like it might be great for this particular blade, it was posted about a month ago:
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I'm not sure if there is much of a difference with the polishes, I think for the most part people just use what is available to them. There may be slight differences but I doubt it would be anything...

IMHO, I probably would wait for a better restore candidate, one that needs it. From the pictures this looks like it can be cleaned up pretty easily and I think it's been honed more than once or...